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Diagram that provides an example of how ICS Works: You have or set up a transaction account with your bank, sign the agreements, and deposit funds. If you choose both the savings and demand options, you will need to have separate transaction account for each. Deposits are sent to deposit accounts at other ICS Network member institutions in amounts under the standard FDIC insurance maximum of $250,000. Based on triggering events as set forth in the ICS Deposit Placement Agreement you enter into with your bank. Funds are sent to money market deposit accounts when using the ICS savings otpion and to demand deposit accounts when using the ICS demand option.  The diagram shows a happy customer in a business suit beside an image of one bank and a stack of money. Dotted lines show the flow of the deposit from the one bank to Network member banks in increments of less than $250,000 in principal and interest.

View this short 2-minute video to learn more about ICS.

 

How ICS® Works

If you have deposits at a single bank in a single-ownership capacity, then you have access up to $250,000 in FDIC insurance at that bank.

But with the ICS, or Insured Cash Sweep®, service, you can access multi-million-dollar FDIC protection by working directly with just one bank that offers ICS.

Financial institutions that offer Insured Cash Sweep are members of a unique network – the ICS Network. Everything is handled through an ICS Network member of your choice. When you place a large deposit with an ICS Network member, that institution uses the ICS service to place your funds into demand deposit accounts (using the ICS demand option), money market deposit accounts (using the ICS savings option), or both, at other FDIC-insured member institutions.

The placement of your funds occurs in increments below the standard FDIC insurance maximum of $250,000 so that both principal and interest are eligible for FDIC insurance. By working directly with just one institution, you can access insurance coverage from many. And, you receive just one regular, monthly account statement. 

Read customer experiences in the Case Studies and Testimonials sections.

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